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State Street Corp. Terminations/Layoffs

Have you been affected by the current layoffs, terminations, firing, or restructuring of State Street Corp.? If so comment below and let the community know what is going on inside the organization.

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About State Street Corp.:

State Street Corporation, known as State Street, is an American worldwide financial services company. State Street was founded in 1792 and is the second oldest financial institution in the United States of America. It is one of the largest asset management companies in the world with $2.45 trillion (USD) under management and $28 trillion (USD) under custody and administration, which represents 11% of the world’s total financial assets. State Street is a Fortune 500 company with headquarters at One Lincoln Street in Boston and has offices in 30 countries around the world. At the 2011 G20 Summit in Cannes, France heads of governments/heads of states gathered to discuss the stability of worldwide financial markets. At the G20, State Street was adjudged one of the 29 top systemic financial institutions in the world too crucial to fail, which were deemed critically important to the health of the Global Economy.

State Street is organized into three main divisions. The Global Services business is a custodian bank with $28 trillion (USD) of assets under custody and administration. The Global Advisors business provides investment management services and has $2.45 trillion (USD) of assets under management. The Global Markets business offers investment research and trading services to institutional investors.

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I agree with the managing director that posted already and they intend to outsource or offshore a large percentage of the workforce soon. Not sure of the exact date but they have been laying off and relocating current/former employee’s for at least 15 years or more. Of course anyone that is a shareholder of State Street Corporation doesn’t care about the current workers who are let go and only about the bottom line.

I was a managing director in Fund Admin in Boston up until this summer (I left voluntarily) and I can confirm that their plan is to move 85% of the US workforce to India by the end of 2019. Some groups are at 50% or more already. If your group is not at 85% now, more layoffs are coming and a good financial report in Q3 is irrelevant.

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